Financial Process Automation
Streamline and Automate Your Financial Processes
Let IQ BackOffice take your traditional paper-based processes into the modern era by digitizing, streamlining, and reengineering them while gaining best practices and tight controls.
“For one of the largest equipment rental companies in the USA, we automated their Accounts Payable process using our proprietary IQR technology, so invoices got automatically processed within minutes instead of days, with 99.97% accuracy.”
State-of-the-Art Financial Process Automation Technology
Despite Increased Utilization of Accounting Software, Productivity in Accounting Operations for Most Companies Has Remained Stagnant.
Benchmarks for the cost of Finance and Accounting as a percentage of revenue have improved for very large firms (over $9 Billion in revenue). However, for everybody else – large ($1B to $9B), mid-sized ($100m to $1B) and small firms (< $100m), there has been no improvement.
How Do the Very Largest Companies Achieve this Kind of Performance?
The top quartile companies have been able to invest in 5 key areas for process improvement:
- Outsourcing / Offshoring
- Process Reengineering
- Best Practices
- System Consolidation
And, as a result, these companies perform their back office processes with 60% lower cost while improving all key metrics of timeliness, quality, and service levels!
Unfortunately for most large and mid-sized companies, investing in these initiatives generally does not have a positive ROI because the investment is high while the volumes of transactions are relatively low. You would not build your own data center because it does not make economic sense, so why would you build common processes like Accounts Payable?
In our analysis of over 50 implementations of AP automation software, we did not find a single case where the implementation had a positive ROI. It was rare to find any decrease in AP department staff and often the performance of the process got worse. In the most extreme example from a large national law firm, we found they had a negative 57% ROI on their investment.
IQ BackOffice Enables Large and Mid-Sized Companies to “Plug-in” to Pre-Built Processes and Technologies Utilizing Best Practices and Optimized Processes.
IQ BackOffice has already and continues to invest in state-of-the-art technology and best practice processes so you don’t have to. By utilizing our platforms, you can gain the same back office that the very largest companies utilize, customized to your needs, with 99.97% quality and up to 70% cost savings.
IQ BackOffice is SSAE18 Type II certified with the exacting standards required by public and private-equity backed companies.
IQ BackOffice partnered with Hair Cuttery in their acquisition of one of the largest chains of hair salons in the country with over 500 stores. IQ designed and implemented an entire state-of-the-art back office infrastructure in 30 days including a new accounting system, EDI systems, payroll platforms for over 7,000 employees as well as all of the associated business processes and reporting. IQ saved Hair Cuttery over 80%, while providing best practice financial business processes and technology and excellent quality and services.
IQ BackOffice works with leading global companies which include the world’s largest steel manufacturer, the largest technology and entertainment conglomerate, large retailers and restaurant chains across thousands of stores and e-commerce sites. Other major clients include distribution, energy, healthcare, real estate, and financial services companies.
We would like to hear from you! If you have a question or comment about our Business Process Outsourcing services, or you’d like an IQ BackOffice representative to contact you, please use the form below. We’ll also send you a link to our Corporate Brochure.